Gold price today: Rates rise on mounting Trump tariff fears; what should be your strategy for MCX Gold?

Gold price today: Gold rates continued enjoying bullish momentum on Friday, March 28, as the yellow metal rose about half a per cent in the domestic futures market's early deals due to mounting concerns over the economic fallout of US President Donald Trump's aggressive tariff policies. MCX Gold April 4 contracts traded 0.54 per cent higher at ₹88,865 per 10 grams around 9:30 AM.

International gold prices hit a record high on Friday due to the heightened demand for safe-haven assets. Trump's tariff plans have raised fears of a major global trade war. According to Reuters, spot gold hit an all-time high of $3,077.44 during the session.

"Gold soared to an all-time high above $3,060, while silver crossed $34.40 per troy ounce for the first time in over a decade as investors sought refuge amid growing trade tensions," Rahul Kalantri, VP of commodities at Mehta Equities, observed.

"With the US imposing a steep 25 per cent tariff on automobile imports, concerns over reciprocal tariffs from other nations intensified, fueling safe-haven buying. Struggling global equities also added to the bullish momentum in bullion," said Kalantri.

Gold prices have seen solid gains of over 15 per cent this year, driven by uncertainty about Trump tariffs, expectations of further interest rate cuts by the US Federal Reserve, geopolitical conflicts, and central bank buying.

Experts believe these factors will keep gold prices at elevated levels in the near future.

The recent US macro data has portrayed a mixed picture of the world's largest economy.

The US Gross Domestic Product (GDP) growth rate for Q4 was revised to 2.4 per cent. It was still nominally above the expectations of 2.3 per cent. Meanwhile, as Reuters reported, the initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 2,24,000 for the week ended March 22.

"Despite mixed US economic data, the uncertainty surrounding trade policies could keep precious metals in demand," said Kalantri.

Investors await the US Personal Consumption Expenditures data, which is due later in the day. This data could shape expectations about the US Fed's interest rate trajectory.

What should be your strategy for MCX Gold and Silver?

Experts expect gold and silver prices to remain volatile during the session. They advise traders to keep a close eye on key levels.

According to Kalantri, gold has support at $3,050-3,032 while resistance at $3,092-3,110. Silver has support at $34.20-33.95 while resistance is at $34.76-35.10.

In INR, gold has support at ₹88,270-87,980, while resistance is at ₹88,790-88,990. Silver has support at ₹1,00,850-1,00,000, while resistance is at ₹1,02,220-1,02,950, said Kalantri.

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold above ₹89,100 with a stop loss of ₹88,740 for the target of ₹90,000 and buying silver around ₹1,00,700 with a stop loss of ₹1,00,100 for the target of ₹1,02,000.

Jain said gold has support at $3,068-3,054, while resistance at $3,120-3,134 per troy ounce and silver has support at $34.74-34.40, while resistance is at $35.35-35.80 per troy ounce in today’s session.

MCX Gold has support at ₹89,000-88,740 and resistance at ₹89,660-90,000, while silver has support at ₹1,00,700-1,00,000 and resistance at ₹1,01,950, said Jain.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.